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Gauging the Effectiveness of Social Media in Financial Services
VRL Financial News Publishing, July 2011
The use of social media has changed the way consumers interact with their service providers. A more personal and targeted approach is preferred to traditional advertising and direct marketing. In the financial services industry however, social media presents a minefield of risk factors and it is difficult to measure return on investment.
This report explores the use of social media in financial services and provides previously unpublished data and global case studies combined with expert insight and opinion.
Written specifically for the communications, sales, and customer services departments in financial organisations, this report outlines the use of social media for increasing brand awareness and loyalty. It provides expert advice on using social media to increase customer acquisition and loyalty and will enable you to reduce the risks associated with its use in financial services.
The difficulty in using social media
There are several challenges for financial institutions looking to use social media to engage with their customers. They will need to change the current perception of themselves, which for many organisations, is that their communications are more focused on promoting their services than on customer satisfaction. For many organisations, the communication policy is at odds with the new organic dialogue presented by social media.
Another difficulty is the fact that the release of financial information must comply with strict rules and regulations from the Financial Services Authority, making it difficult to release casual and timely posts and updates.
The benefits of using social media
Despite these challenges, there are many benefits to be found in using these new platforms for engagement. Creating a more personalised environment, and opening a two-way dialogue with customers, promotes a sense of trust and peace of mind, and will ultimately increase customer acquisition and loyalty.
Organisations can also benefit by gathering real-time market intelligence by listening to what their customers are saying about them online. Companies using social media for this web listening and data gathering have more control over their image and are able to respond to negative comments quickly. Social media can also improve internal communications in large organisations.
By creating large online communities around their organisation or products, companies can quickly and cheaply spread information to their clients, and prospective clients, including new product launches and pricing updates. It’s also easy for happy customers to become advocates, passing on links and recommendations to their friends and colleagues.
Estimating the effectiveness of social media
This report provides the business case for investment in social media. It offers reliable methods for estimating return on investment, something particularly important in these difficult times. A number of case studies from around the world will help you decide whether or not to incorporate social media into your communications strategy and to build the business case for adopting it.
Read this report to:
- Create a business case for social media in your organisation
- Estimate the ROI of your social media strategy
- Understand which is the most appropriate social media platform for your customers
- Use social media to increase customer acquisition and retention
- Minimise the risks associated with social media
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